- The partnership between eCurrency and Minsait Payments, an Indra subsidiary, will actively support the process of developing digital currencies issued by central banks to ensure financial stability and inclusion and combat fraud, as well as greater efficiency and modernisation of the monetary system
Indra, one of the world’s leading technology and consulting companies, and eCurrency Mint Limited (“eCurrency”), the company at the forefront of Central Bank Digital Currency (CBDC) technology, have announced an alliance to provide end-to-end digital currency solutions for central banks.
eCurrency and Minsait Payments, the payment method subsidiary of Minsait, an Indra company, have come together to offer solutions and services to drive the growth of CBDCs and their ecosystems in several geographical regions.
Central banks around the world are studying and testing digital currencies for multiple purposes, such as ensuring financial stability and inclusion and fraud prevention, as well as greater efficiency and modernisation of the monetary system. A digital currency issued by the central bank that has the features of a physical currency guarantees the general public the same level of trust and access. The association between eCurrency and Minsait Payments will actively support the process and offer end-to-end solutions in this area, ranging from analysis to the implementation and deployment of CBDCs with all their security mechanisms, building on the historical engagement of both companies with the central banks and regulatory bodies.
eCurrency pioneered the world’s first retail CBDC solution to enable central banks to issue secure digital bearer instruments by means of Digital Symmetric Core Currency Cryptography (DSC3) technology and supporting tiered distribution across the existing banking and financial technology ecosystems. eCurrency has performed far-reaching work with central banks and international organisations.
“We’re delighted to have formed this partnership with Indra to deliver an end-to-end solution and achieve true financial inclusion”, declared eCurrency chief executive Jonathan Dharmapalan.
Minsait Payments is a leader in the payment methods market and has a track record of constant growth, delivering innovative digital payment processing and solutions. It provides long-established digital technology and services and has a wide array of capabilities, including tokenisation and expertise in payments, cybersecurity and services and products for the financial services industry, including central banks and regulatory bodies. Moreover, through the Indra group it has developed a broad worldwide network of resources engaged with the financial institutions in order to support business transformation in the digital environment, while it is also well-positioned to back the evolution of the payments ecosystem that will be enabled by the implementation of CBDCs.
“We’re proud to have entered into a partnership with eCurrency, the leading technology platform provider for the CBDC market. Through our association with eCurrency we’ll enhance the commercially available solution that will digitalise the properties of physical cash”, stated Álvaro de Salas, Director of Strategy and Innovation for Financial Services at Minsait.
eCurrency Mint Limited (eCurrency) is a research, development and operational company founded in 2011 with the mission to enable central banks to securely and efficiently issue digital fiat currency to operate alongside notes and coins. It is the leading provider of digital currency security systems for central banks. eCurrency has pioneered the world’s first end-to-end solution for central bank digital currency issuance and circulation. The company combines hardware, software and cryptographic security protocols to provide central banks with the tools they need to preserve their charters and doctrines as the sole issuers of national currencies in an increasingly digital economy. By enabling more secure and efficient digital transactions, eCurrency supports the huge economic opportunities presented by the global shift towards digital payments, including increased transaction efficiency, financial inclusion and economic growth.
Indra (www.indracompany.com) is one of the leading global technology and consulting companies and the technological partner for the core business operations of its customers around the world. It is a world leader in providing proprietary solutions in specific segments of the Transport and Defence markets and a leading firm in Digital Transformation Consultancy and Information Technologies in Spain and Latin America through its affiliate Minsait. Its business model is based on a comprehensive range of proprietary products, with a high-value end-to-end focus and a high innovation component. In the 2020 financial year, Indra achieved revenue of €3.043 billion, had nearly 48,000 employees, a local presence in 46 countries and business operations in over 140 countries.
Minsait (www.minsait.com) is Indra’s leading company in digital transformation and Information Technologies. Minsait possesses a high degree of specialisation and knowledge of the sector, which it backs up with its high capability to integrate the core world with the digital world, its leadership in innovation and digital transformation, and its flexibility. Thus, it focuses its offering on high-impact value propositions, based on end-to-end solutions, with a remarkable degree of segmentation, which enables it to achieve tangible impacts for its customers in each industry with a transformational focus. Its capabilities and leadership are demonstrated in its product range, under the brand Onesait, and its across-the-board range of services.